NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX:WCP) is pleased to
announce that it has entered into an agreement to purchase high quality light
oil assets in southeast Saskatchewan for cash consideration of $940 million
before closing adjustments (the "Acquisition"). The Acquisition includes a
62.1% operated working interest in the Weyburn Unit (14,600 boe/d) and 200
boe/d of production from minor assets in southeast Saskatchewan (the "Assets").
The Weyburn Unit (the "Unit") is a world class carbon dioxide ("CO2") enhanced
oil recovery ("EOR") development with a low base decline rate of less than 5%,
high operating netback of $31.86/boe, and significant short and long term
development and expansion opportunities. The Assets also include extensive
infrastructure in place to facilitate future development plans.

The Acquisition will be funded with a $92.5 million non-brokered private
placement (the "Private Placement") and a concurrent $332.5 million bought deal
equity financing (the "Prospectus Offering" and collectively, with the Private
Placement, the "Financings") and by the Company's credit facilities. Whitecap's
credit facilities are anticipated to increase to $1.7 billion upon closing of
the Acquisition.

STRATEGIC RATIONALE

The Acquisition is a continuation of Whitecap's strategy to enhance our
existing portfolio with assets that exhibit lower production declines, high
operating netbacks and significant growth opportunities with strong capital
efficiencies to further enhance our future free funds flow. The Unit is a
self-sustaining operation that generates strong free funds flow even in a low
commodity price environment and requires minimal capital investment to maintain
production volumes and associated funds flow. In 2018, our base case
assumptions are to invest 35% of the net operating income from these Assets to
maintain production at 14,800 boe/d which we anticipate will result in
significant additional free funds flow of approximately $112 million. We
estimate that over the next five years, the base Assets have the potential to
grow to approximately 17,700 boe/d and generate cumulative free funds flow of
$459 million using a flat operating netback of $31.86/boe. Refer to the
Increased 2018 Guidance section of this press release for the commodity price
assumptions. The significant free funds flow from the Assets in combination
with those generated by our other core asset areas allows Whitecap to also
announce an additional increase to our monthly dividend of 5% to $0.0257 per
share ($0.3084 per share annualized) from $0.0245 per share ($0.2940 per share
annualized) effective for the January 2018 dividend. This represents a
cumulative 10% dividend increase including the previously announced increase on
November 1, 2017.

In 2018, pro forma the Acquisition, Whitecap is set to deliver 14 - 16%
production per share growth and 25% funds flow per share growth along with an
increased annual dividend of $0.3084 per share and a total payout ratio of 81%.
Whitecap's balance sheet remains strong with net debt to funds flow ratio of
approximately 1.7 times.

The Unit is one of the largest carbon capture, utilization and storage projects
in the world. It is recognized globally as one of the most successful
developments of its kind from a technical, economic and environmental
perspective. Over 100 technical papers have been written on its development and
progress. The vendor has been the operator of the Unit since its inception in
1963 and has conducted over 250 site tours to interested parties from around
the world.

There has been minimal development of this asset over the last few years with
only 12 infill wells drilled in 2015 and one CO2 expansion phase added in 2014.
Due to low commodity prices, capital spending has been limited to production
maintenance over the last few years. Whitecap anticipates spending
approximately $60 million in 2018 on the Unit, which represents 35% of
anticipated net operating income from the Assets, to maintain a flat and stable
production profile.

The Unit is anticipated to be a multi-decade source of self-funding growth and
annual free funds flow with meaningful near and long term growth opportunities.
There are significant optimization and expansion opportunities within the Unit
including:

The 8 EOR expansion phases are conservatively booked to an ultimate recovery
factor of 31% compared to an average ultimate recovery factor of 54% booked on
the existing 13 phases. To date, the 13 existing phases have recovered on
average 42% of the original oil in place ("OOIP") with some of the more mature
phases recovering over 60%. The 8 expansion phases will develop a significant
portion of the remaining 44% of the Unit area that has yet to benefit from the
CO2 injection. The hydrocarbon liquid recovery from the CO2 stream, prior to
re-injection, is also expected to provide an extremely stable and significant
source of free funds flow.

There are also material expansion opportunities identified immediately
offsetting the existing CO2 scheme which are in the preliminary planning stage.
These include vertical and lateral expansion of the existing CO2 EOR scheme of
which the combined opportunity set is unbooked and could represent incremental
gross reserves of 109 MMbbls and a peak incremental gross production increase
of over 13,000 bopd.

The Unit is world class from an operational, safety and environmental
perspective. The vendor has operated the Unit since its inception in 1963 and
its strong technical and field teams have years of experience operating it or
similar fields. Whitecap also has extensive technical and operational
experience operating a number of EOR schemes including miscible and
alkaline-surfactant-polymer floods. The operation and optimization of this CO2
scheme will utilize many of the fundamentals, processes and technical aptitude
that Whitecap already has in place which will be augmented by specific CO2
experience, as a significant complement of the vendor's technical and field
staff will be joining the Whitecap team to ensure that the transition,
long-term vision and excellence of the project is maintained and enhanced.

The Assets include an estimated asset retirement obligation of $41.7 million
discounted at 10 percent and an excellent Licensee Management Rating of 7.78.

In summary, the key benefits to Whitecap shareholders pro forma the Acquisition
and the Financing are as follows:

11% on production, 30% on proved developed producing reserves, 19% on
total proved plus probable reserves, and 7% on net asset value;
-- Decreases our current corporate base production decline to 19% from 23%;
-- Our oil and NGLs weighting increases from 83% to 86% in 2018;
-- Decreases our 2018 total payout ratio (after capital spending and
dividend payments) to 81% from 88% even after including the 5% increase
to the annual dividend (10% cumulative increase including the previously
announced increase on November 1, 2017);
-- Significant increase to our free funds flow in 2018 to $134 million
(after dividend increase) from $65.7 million;
-- Increases our reserve life index by 7% to 17.9 years from 16.7 years;
and
-- Improves our funds flow netback by 1% to $25.96/boe.

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Production $63,500/boe/d
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2018 funds flow multiple (1) 5.5x
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Proved reserves (2) $10.18/boe
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Proved plus probable reserves (2) $7.74/boe
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Recycle ratio (3) 4.1x
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Notes:
(1) Calculated as $940 million /(current production of 14,800 boe/d x
$31.86/boe x 365 days)
(2) Gross reserves are the total working interest reserves associated with
the Assets before the deduction of any royalties and including any
royalty interests receivable on the Assets. Gross reserve estimates are
based on GLJ's evaluation in accordance with National Instrument 51-
101, effective June 30, 2017.
(3) Calculated as operating netback of $31.86 divided by the cost of proved
plus probable reserves of $7.74/boe.

/T/

INCREASED DIVIDEND

Whitecap is focused on total shareholder returns and the dividend is an
important component of this return profile. Our pre-acquisition budget included
a 5% increase to the monthly dividend to $0.0245 per share from $0.0233 per
share effective with the December 2017 dividend. With this Acquisition, we
continue to improve our decline profile payout ratio, per share funds flow
growth, financial strength and significantly increase our free funds flow. As a
result, our Board of Directors has approved an additional 5% increase to the
monthly dividend to $0.0257 per share ($0.3084 per share annualized) effective
for the January 2018 dividend. Whitecap remains committed to returning cash to
shareholders in a prudent and sustainable manner to enhance total shareholder
returns.

INCREASED 2018 GUIDANCE

The following is the Company's increased guidance for 2018, after giving effect
to the Acquisition and the Financings:

Whitecap has also entered into agreements with certain institutional investors
who have committed to subscribe for, on a non-brokered private placement basis,
10,512,000 Subscription Receipts at a price of $8.80 per Subscription Receipt
for aggregate gross proceeds of $92,505,600. The completion of the Private
Placement is subject to customary closing conditions, including the receipt of
all necessary regulatory approvals, including the approval of the Toronto Stock
Exchange ("TSX"). Similar to the Prospectus Offering, the gross proceeds from
the Private Placement will be held in escrow pending completion of the
Acquisition. The net proceeds from the Prospectus Offering and the Private
Placement will be used to partially fund the purchase price for the Acquisition.

Prospectus Offering

In connection with the Acquisition, Whitecap has entered into an agreement with
a syndicate of underwriters co-led by National Bank Financial Inc. and TD
Securities Inc. (collectively, the "Underwriters"), pursuant to which the
Underwriters have agreed to purchase for resale to the public, on a bought-deal
basis, 37,785,000 subscription receipts ("Subscription Receipts") of Whitecap
at a price of $8.80 per Subscription Receipt for aggregate gross proceeds of
approximately $332,508,000. Members of Whitecap's Board of Directors,
management and employees intend on participating in the Prospectus Offering.
The gross proceeds from the sale of Subscription Receipts pursuant to the
Prospectus Offering will be held in escrow pending the completion of the
Acquisition. If all outstanding conditions to the completion of the Acquisition
(other than funding) are met and all necessary approvals for the Prospectus
Offering and the Acquisition have been obtained on or before February 28, 2018,
the net proceeds from the sale of the Subscription Receipts will be released
from escrow to Whitecap and each Subscription Receipt will be exchanged for one
common share of Whitecap for no additional consideration and without any action
on the part of the holder. If the Acquisition is not completed at or before
5:00 p.m. (Calgary time) on February 28, 2018, then the purchase price for the
Subscription Receipts will be returned pro rata to subscribers, together with a
pro rata portion of interest earned on the escrowed funds.

The Subscription Receipts issued pursuant to the Prospectus Offering will be
distributed by way of a short form prospectus in all provinces of Canada and in
the United States, the United Kingdom and certain other jurisdictions as the
Company and the Underwriters may agree on a private placement basis. Completion
of the Acquisition and the Prospectus Offering is subject to customary closing
conditions, including the receipt of all necessary regulatory approvals,
including the approval of the TSX. Closing of the Prospectus Offering is
expected to occur on December 4, 2017 and the acquisition is expected to close
on or about December 14, 2017.

This press release is not an offer of the securities for sale in the United
States. The securities may not be offered or sold in the United States absent
registration or an available exemption from the registration requirements of
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and
applicable U.S. state securities laws. Whitecap will not make any public
offering of the securities in the United States. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

ADVISOR

National Bank Financial Inc. acted as exclusive financial advisor to Whitecap
with respect to the Acquisition and Financing.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements and forward-looking
information (collectively "forward-looking information") within the meaning of
applicable securities laws relating to the Company's plans and other aspects of
our anticipated future operations, objectives, strategies, financial, operating
and production results and business opportunities. Forward-looking information
typically uses words such as "anticipate", "believe", "continue", "maintain",
"sustain", "project", "expect", "forecast", "budget", "goal", "guidance",
"plan", "target", "intend", "pro forma", "potential" or similar words
suggesting future outcomes, statements that actions, events or conditions
"may", "would", "could" or "will" be taken or occur in the future, including
expected 2018 pro forma the Acquisition and the Financings, production,
production per share, product mix, funds flow, funds flow netbacks, operating
netbacks, free funds flow, net debt to funds flow, development capital,
dividends, total payout ratio, drilling and development plans and the timing
thereof, capital efficiencies, and sources of funding.
In addition, and without limiting the generality of the foregoing, this press
release contains forward-looking information regarding the Acquisition, the
Financings and the benefits to be acquired therefrom including anticipated
production, product mix, drilling and reserves potential, recovery factors, CO2
EOR potential, decline rates, future development plans, drilling inventory,
optimization and expansion opportunities for the Unit, CO2, EOR expansion
phases and plans, recovery factors, recycle ratios, reserve life index,
incremental reserves, estimated asset retirement obligation, technical and
field staff additions, anticipated rates of return, operating costs, operating
netbacks, funds flow, funds flow multiples, free funds flow, funds flow
netbacks, development capital, and other economics, expectations relating to
the current Unit infrastructure on future development plans, expectation that
the Unit requires minimal capital investment to maintain production volumes and
associated funds flow, and the impact of the Acquisition on Whitecap and its
financial and operating results and development plans, including, on its
production, production per share, net asset value per share, funds flow, net
asset value, drilling inventory, production weighting, operating and funds flow
netbacks, decline rates, recovery factors, reserves, reserves life index,
development capital spending, transportation and processing opportunities, net
debt, dividend sustainability and policy, including the anticipated dividend
increase and the amount and timing of such increase, total payout ratio, debt
levels, net debt to funds flow ratio, free funds flow and free funds flow per
share. This press release also contains forward-looking information relating to
the estimated purchase price of the Acquisition, the anticipated increase in
Whitecap's credit facilities in connection with the Acquisition, the
anticipated closing date for the Acquisition and the Financings, the
anticipated participation of our directors, management and employees in the
Prospectus Offering. Statements relating to "reserves" are also deemed to be
forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the reserves described exist in the
quantities predicted or estimated and that the reserves can be profitably
produced in the future.

The forward-looking information is based on certain key expectations and
assumptions made by our management, including expectations and assumptions
concerning prevailing commodity prices, exchange rates, interest rates,
applicable royalty rates and tax laws; future production rates and estimates of
operating costs; performance of existing and future wells; reserve and resource
volumes; anticipated timing and results of capital expenditures; the success
obtained in drilling new wells; the sufficiency of budgeted capital
expenditures in carrying out planned activities; the timing, location and
extent of future drilling operations; the state of the economy and the
exploration and production business; results of operations; performance;
business prospects and opportunities; the availability and cost of financing,
labour and services; the impact of increasing competition; the ability to
efficiently integrate assets and employees acquired through acquisitions,
including the Acquisition, the ability to market oil and natural gas
successfully Whitecap's ability to access capital, and obtaining the necessary
regulatory approvals, including the approval of the TSX and satisfaction of the
other conditions to closing the Acquisition, the Financings and the other
transactions referred to in this press release and on the timeframes
contemplated.

Although we believe that the expectations and assumptions on which such
forward-looking information is based are reasonable, undue reliance should not
be placed on the forward-looking information because Whitecap can give no
assurance that they will prove to be correct. Since forward-looking information
addresses future events and conditions, by its very nature they involve
inherent risks and uncertainties. Our actual results, performance or
achievement could differ materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be given that
any of the events anticipated by the forward-looking information will transpire
or occur, or if any of them do so, what benefits that we will derive therefrom.
Management has included the above summary of assumptions and risks related to
forward-looking information provided in this press release in order to provide
security holders with a more complete perspective on our future operations and
such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive.
Additional information on these and other factors that could affect our
operations or financial results are included in reports on file with applicable
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com).

These forward-looking statements are made as of the date of this press release
and we disclaim any intent or obligation to update publicly any forward-looking
information, whether as a result of new information, future events or results
or otherwise, other than as required by applicable securities laws.

This press release contains future-oriented financial information and financial
outlook information (collectively, "FOFI") about Whitecap's prospective results
of operations, funds flow netbacks, funds flow, free funds flow, total payout
ratio, net debt to funds flow, and components thereof, all of which are subject
to the same assumptions, risk factors, limitations, and qualifications as set
forth in the above paragraphs. FOFI contained in this document was made as of
the date of this document and was provided for the purpose of providing further
information about Whitecap's future business operations. Whitecap disclaims any
intention or obligation to update or revise any FOFI contained in this
document, whether as a result of new information, future events or otherwise,
unless required pursuant to applicable cautioned that the FOFI contained in
this document should not be used for purposes other than for which it is
disclosed herein.

NON-GAAP MEASURES

This press release includes non-GAAP measures as further described herein.
These non-GAAP measures do not have a standardized meaning prescribed by
International Financial Reporting Standards ("IFRS" or, alternatively, "GAAP")
and therefore may not be comparable with the calculation of similar measures by
other companies.

"Funds flow per share" represents funds flow divided by the basic or diluted
weighted average shares outstanding in the period. Management considers funds
flow and funds flow per share to be key measures as they demonstrate Whitecap's
ability to generate the cash necessary to pay dividends, repay debt, make
capital investments and/or to repurchase common shares under the Company's
normal course issuer bid. Management believes that by excluding the temporary
impact of changes in non-cash operating working capital, funds flow provides a
useful measure of Whitecap's ability to generate cash that is not subject to
short-term movements in non-cash operating working capital.

"Operating netbacks" are determined by deducting realized hedging losses or
adding realized hedging gains and deducting royalties, operating expenses and
transportation expenses from petroleum and natural gas sales. Operating
netbacks are per boe measures used in operational and capital allocation
decisions. Operating netbacks on the Assets do not include realized hedging
gains or losses.

The operating netback ($/boe) assumptions used for the Assets in 2018 as
follows:

"Net debt" is calculated as long-term debt plus working capital surplus or
deficit adjusted for risk management contracts. Net debt is used by management
to analyze the financial position and leverage of Whitecap.

Unless otherwise indicated, all reserve references in this press release are
"Company share reserves". Company share reserves are the Company's total
working interest reserves before the deduction of any royalties and including
any royalty interests of the Company.

It should not be assumed that the present worth of estimated future cash flow
presented in the tables above represents the fair market value of the reserves.
There is no assurance that the forecast prices and costs assumptions will be
attained and variances could be material. The recovery and reserve estimates of
Whitecap's and the seller's crude oil, natural gas liquids and natural gas
reserves provided herein are estimates only and there is no guarantee that the
estimated reserves will be recovered. Actual crude oil, natural gas and natural
gas liquids reserves may be greater than or less than the estimates provided
herein.

All future net revenues are estimated using forecast prices, arising from the
anticipated development and production of our reserves, net of the associated
royalties, operating costs, development costs, and abandonment and reclamation
costs and are stated prior to provision for interest and general and
administrative expenses. Future net revenues have been presented on a before
tax basis. Estimated values of future net revenue disclosed herein do not
represent fair market value.

In discussing the EOR expansion phases, certain recovery factors have been
referenced. These recovery factors are based on the proved plus probable
reserves that have been booked with respect to the EOR expansion phases in an
independent reserves evaluation prepared by GLJ effective as of June 30, 2017.

OOIP is equivalent to Total Petroleum Initially-In-Place ("TPIIP"). TPIIP, as
defined in the Canadian Oil and Gas Evaluation Handbook, is that quantity of
petroleum that is estimated to exist in naturally occurring accumulations. It
includes that quantity of petroleum that is estimated, as of a given date, to
be contained in known accumulations, prior to production, plus those estimated
quantities in accumulations yet to be discovered. A portion of the TPIIP is
considered undiscovered and there is no certainty that any portion of such
undiscovered resources will be discovered. If discovered, there is no certainty
that it will be commercially viable to produce any portion of such undiscovered
resources. With respect to the portion of the TPIIP that is considered
discovered resources, there is no certainty that it will be commercially viable
to produce any portion of such discovered resources. A significant portion of
the estimated volumes of TPIIP will never be recovered.

This press release contains metrics commonly used in the oil and natural gas
industry, such as "recycle ratio", "reserve life index ("RLI")", "operating
netback" and "development capital". These terms have been calculated by
management and do not have a standardized meaning and may not be comparable to
similar measures presented by other companies, and therefore should not be used
to make such comparisons. Management uses these oil and gas metrics for its own
performance measurements and to provide shareholders with measures to compare
Whitecap's operations over time. Readers are cautioned that the information
provided by these metrics, or that can be derived from the metrics presented in
this press release, should not be relied upon for investment or other purposes.

"Boe" means barrel of oil equivalent on the basis of 6 mcf of natural gas to 1
bbl of oil. Boe's may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. In addition, given that the value ratio based on
the current price of crude oil as compared to natural gas is significantly
different from the energy equivalency of 6:1, utilizing a conversion on a 6:1
basis may be misleading as an indication of value.

This press release discloses drilling inventory in three categories: (i) proved
locations; (ii) probable locations; and (iii) unbooked locations. Proved
locations and probable locations are derived from GLJ's reserves evaluation
effective June 30, 2017 and account for drilling locations that have associated
proved and/or probable reserves, as applicable. Unbooked locations are internal
estimates based on prospective acreage and an assumption as to the number of
wells that can be drilled per section based on industry practice and internal
review. Unbooked locations do not have attributed reserves or resources. Of the
189 waterflood and EOR area infill drilling locations identified herein, 180
are proved locations, none are probable locations and 9 are unbooked locations.
Unbooked locations have been identified by management as an estimation of our
multi-year drilling activities based on evaluation of applicable geologic,
seismic, engineering, production and reserves information. There is no
certainty that we will drill all unbooked drilling locations and if drilled
there is no certainty that such locations will result in additional oil and gas
reserves, resources or production. The drilling locations on which we actually
drill wells will ultimately depend upon the availability of capital, regulatory
approvals, seasonal restrictions, oil and natural gas prices, costs, actual
drilling results, additional reservoir information that is obtained and other
factors. While certain of the unbooked drilling locations have been de-risked
by drilling existing wells in relative close proximity to such unbooked
drilling locations, other unbooked drilling locations are farther away from
existing wells where management has less information about the characteristics
of the reservoir and therefore there is more uncertainty whether wells will be
drilled in such locations and if drilled there is more uncertainty that such
wells will result in additional oil and gas reserves, resources or production.

All press releases are written by the client and have NO affiliation with the news copy written by The Canadian Press. Any questions that arise due to the content or information provided in the press release should be directed to the company/organization
issuing the release, not to The Canadian Press.

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